Bajaj Finance Ltd approves QIP issue of Rs. 1400 crores

The Board of Directors of Bajaj Finance Ltd at its meeting held on April 21, 2015, has approved, the fund raising proposals subject to the approval of the shareholders.

The Board approved issue of securities for an aggregate amount upto Rs. 1400 crores through Qualified Institutions Placement in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 to Qualified Institutional Buyers.

The Board approved preferential issue of warrants upto 9,25,000 warrants convertible into equivalent number of equity shares to Bajaj Finserv Limited, the promoter, in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The Board has convened an extra-ordinary general meeting of the shareholders on May 20, 2015 to consider, the above proposals.

Shares of Bajaj Finance Limited was last trading in BSE at Rs.4365.2 as compared to the previous close of Rs. 4558.95. The total number of shares traded during the day was 5449 in over 2073 trades.

The stock hit an intraday high of Rs. 4550 and intraday low of 4141. The net turnover during the day was Rs. 23447350.

Source : Equity Bulls

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